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Transformation Advisory, LLC
DFWREAdvisors Group Blog

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Buying Your First Home? Here is How to Boost Your Credit Score!

When you are buying your first home, you want to put yourself in a position to get the best interest rate possible on your mortgage, and your credit score will play a major role in that process.

If you want to land a competitive interest rate, you need a competitive credit score.

Credit Score - "Competitive" Territory!

But how, exactly, can you push your credit score into “competitive” territory before buying a home?

A recent article from outlined tips to boost your credit score before buying your first home, including:

Get rid of mistakes. If there is a mistake on your credit report, it could be dragging down your score, so make sure to pull a copy of your credit report and verify that all of the information is accurate. And if you have mostly paid your bills on time, but have one or two late payments on your record, try calling the company’s reporting division and ask if they would be willing to remove it from your credit report.

Increase your limits. Lowering your debt-to-credit ratio can provide a serious boost to your credit score. And while you would ideally pay off your debt, if that is not an option, you could get the boost by increasing your credit limits. If you are getting ready to buy a home, call your credit card companies and request a credit line increase.

Pay on time. If you are chronically late with payments, it is time to change that habit. In the stretch leading up to buying your home, make sure to prioritize paying every bill on time. Not only can on-time payments help boost your credit score, but it will also get you in the habit of paying your bills on time, which will help you stay on top of your finances as a homeowner.

Bottom Line

Thinking about buying and need help with you credit scores or are you ready to start your homeownership adventure? Contact us. We can help and would be honored to assist you!


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